The deal is valued at approximately close to $8 billion on a fully diluted basis and approximately $9+ billion, with the assumption of Wyndham’s net debt.

Choice Hotels International Inc. is launching a hostile bid to acquire Wyndham Hotels & Resorts Inc., sending Wyndham’s stock rising 7.2% Tuesday and lowering Choice shares by 5.3%.

In a statement Choice said it is making its latest proposal public following Wyndham’s decision to disengage from further discussions with Choice, adding that this follows nearly six months of talks. “A few weeks ago, Choice and Wyndham were in a negotiable range on price and consideration, and both parties have a shared recognition of the value opportunity this potential transaction represents,” said CEO Patrick Pacious said in the statement.

Wyndham released a statement Tuesday saying that its board of directors has unanimously rejected Choice’s proposal.

Last year Choice acquired Radisson Hotel Group Americas in a deal valued at about $675 million.

Choice shares have risen 5.2% in 2023, while Wyndham shares have gained 3.9%, compared with the S&P 500 index’s SPX 14.2% gain.

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